REGENT COMMUNICATIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
								Year ended December 31,
							2001	2000	1999
Cash flows from operating activities:
Net (loss) income							($1,713)	$13,852	($6,771)
	Adjustments to reconcile net (loss) to net cash provided
	by (used in) operating activities:
		Depreciation and amortization					13,436	8,602	3,368
		Provision for doubtful accounts					822	725	390
		Non-cash interest expense					283	1,579	1,576
		Non-cash charge for debt extinguishments					0	1,114	471
		Non-cash charge for compensation					491	0	0
		(Gain) loss on sale of radio stations					(4,444)	(17,504)	477
		Loss on sale of fixed assets and other					160	0	0
	Changes in operating assets and liabilities, net of acquisitions:
		Accounts receivable					(328)	(6,249)	(1,481)
		Other assets					(107)	(358)	(36)
		Current and long-term liabilities					(803)	(2,940)	(372)
		Deferred taxes					553	4,317	0
							8,350	3,138	(2,378)
Cash flows from investing activities:
	Acquisitions of radio stations, net of cash acquired, and escrow
	deposits on pending acquisitions						(63,450)	(148,940)	(27,533)
	Capital expenditures						(3,161)	(1,719)	(1,978)
	Net proceeds from sale of radio stations						13,393	2,000	13,999
	Proceeds from sale of fixed assets						27	0	0
							(53,191)	(148,659)	(15,512)
Cash flows from financing activities:
	Proceeds from issuance of redeemable convertible
	preferred stock						0	0	41,754
	Proceeds from issuance of common stock						4,068	156,939	0
	Proceeds from long-term debt						60,500	48,500	16,500
	Principal payments on long-term debt						(18,491)	(28,824)	(26,704)
	Payment of notes payable						0	0	(7,500)
	Payment for deferred financing costs						0	(1,904)	(427)
	Payment of issuance costs						(249)	(11,606)	(2,802)
	Treasury stock purchases						0	(7,063)	0
	Dividends paid on all series of preferred stock						0	(8,153)	0
	Redemption of Series B preferred stock						0	(5,000)	0
							45,828	142,889	20,821
Net increase (decrease) in cash and cash equivalents							987	(2,632)	2,931
Cash and cash equivalents at beginning of period							778	3,410	479
Cash and cash equivalents at end of period							$1,765	$778	$3,410